Trading the Bitcoin Rollercoaster

Let’s talk Bitcoin, folks! On September 26, I dipped my toes into the BTC waters with a swing position at $7,914. Fast forward to a joyous exit of 50% at $8,625 and a well-placed stop-out for the rest at $8,390, and voilà! I walked away with an average profit of 7.45%. Not too shabby, right?

The Re-Entry

Fast forward to October 16, and it was time to reenter the Bitcoin battleground at $7,940. This time, I plotted my strategy meticulously:

• Targets: $8,395, $8,949, $9,723
• Stop Loss: $7,834, just below that pesky ascending channel support.

This meticulous planning is crucial, especially in the wild crypto world where volatility is the name of the game.

Risk-Reward Ratio: The Math of Trading

Here’s where it gets interesting! Calculating the risk-reward ratio isn’t just math; it’s a survival strategy!

• Target 1: 4.38
• Target 2: 9.7
• Target 3: 17.16

This ratio shows me that for every dollar I risk, the potential reward is exponentially higher, especially when it comes to Bitcoin’s reign over altcoins.

Chart Watching: The Science of Patterns

Chart analysis is where you separate the dreamers from the traders. My 4-hour Bitcoin chart revealed an ascending channel post the $10,000 drop, resembling a bear flag of intrigue. Many argued whether it counted as a flag, but hey, let’s call it a flag and wave it!

Although typically channels break down rather than up, the risk/reward was too tasty to resist. So, I took a leap of faith and jumped in against the trend – a classic move of calculated daring!

Setting Up for Success

Spotting a bullish divergence with the RSI amidst the potential reversal zone gave me that warm, fuzzy feeling. And once the price started bouncing, I was ready to strike! My primary target was the first point of equilibrium in the ascending channel. Not too greedy, right?

Ravencoin: A Bumpy Ride

Now, let’s chat about Ravencoin. I entered at a promising .00000415 sats, convinced I’d hit the jackpot. The RSI screamed bullish divergence, plus the price action suggested a hopeful reversal. I had my targets lined up like soldiers ready for battle, but here’s where the plot thickens.

Expectations vs. Reality

Before I could say “Ravencoin to the moon!”, Bitcoin decided to take a nosedive, dragging RVN with it. Just like that, I was out with a clean 1.68% loss. Absurdly minor for a trader, but an unfortunate twist nonetheless.

Wrapping Up: The Journey Continues

In the world of crypto, losing some is part of the gig. What matters is keeping the losses small and the lessons big. So, as I keep updating my trades, I remind you: each setback is just a setup for a comeback. Stay sharp, fellow traders, and remember to keep your losses in check!

Disclaimer: The musings and figures shared here reflect my own trading journeys and thoughts, not financial advice!